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In all other cases, no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without either the prior written permission of the Publishers or a licence permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd, Saffron House, 6—10 Kirby Street, London ECIN 8TS.
It can be seen that there are a considerable number of questions in both text- books. About one-half of these have the answers at the back of the relevant textbook, while the remainder of the answers are contained in this manual. To illustrate the contents of each chapter, the questions can be used which have answers in the textbook.
Any students who are absent can be told what they have missed and can look up the answers themselves. Students who arrive late on the course can also be told what work to do and they can check their own progress against the answers as given. However, quite obviously work must be set, either in class or for homework, for which answers are not available to students. This manual can therefore be used to check such work. Whilst every endeavour has been made to show workings quite fully, it must be appreciated that there are often different ways of getting to the same answer.
This manual would be unduly lengthy and complicated if every version of arriving at the answer were to be shown. The methods chosen are therefore those judged to be the best from a teaching point of view.
Frank Wood and Alan Sangster By writing on letterheaded paper of the institution where you teach, giving details of the course for which you use Business Accounting 1 or Business Accounting 2 with your classes, you can obtain complimentary copies of this manual. This manual is not available for students, nor is it in any way available for sale to the general public.
There will, however, be quite a lot of people reading this who are new to teaching, and who have little experience in understand- ing how the examiner views things. If we have anything to offer, it is simply that we have, between us, been concerned with accounting education for many years and have been examiners for several external examining bodies.
The Notes for Students at the start of both Business Accounting 1 and Business Accounting 2 deal with examination techniques.
Make certain the students read these. Go through these with them. If we all tell students that what these say is true, then they are more likely to believe us.
You can only get them to rectify everything under this heading by insisting on them correcting a , b , c and d from early on in the course. Do not wait until a few weeks before the examination to insist upon properly laid out and neatly constructed work. If it asks for two questions only from Section A, then it means just that. A remarkably high percentage do not follow the instructions per the rubric. If, for example, an examiner wants a list, students will lose marks by giving explanations instead.
Students must tackle the question in the prescribed way and not do it differently. The percentage of students passing examinations would rise dramatically if only we could correct this failing. A good plan is to get them to highlight the instruction that shows how the examiner wants the question to be answered, e.
List the ways by which. Describe the ways by which. Write a report to the managing director about the ways by which. Discuss how the ways by which. Explain how the ways by which. Then, get them to underline the key words in the rest of the question.
They need as much practice as possible in doing this, especially for essay-type questions. At the end of this section are 20 essay questions in which we have already highlighted the instruction and underlined the key words. See if your students can do the same. Discuss this with your students who have to tackle essay questions. Time planning is essential. Years ago, we did quite a lot of research into the results of students who had followed this advice, compared with those who ignored it.
Following the advice pro- duced better results. For instance, when an examiner set a question on, say, materiality. Most of the answers simply gave exactly the same examples, word for word sometimes, that we have given in Business Accounting 1. Examiners are looking for originality and imagination. Students will get excellent marks if they give their own examples.
A good idea is that, for each of the concepts and conventions, they think up their own examples before the examination. There are going to be more and more questions on these things in the years ahead. Get them to use examples in essay questions based on what they have observed in the businesses around them.
In their life outside their studies, they should observe how accounting is carried out. They all go at one time or another to refectories, restaurants, shops, department stores, clothes shops, travel on buses and trains, etc. They should observe how the money is calculated and collected, what sort of bills or tickets are given out, how fraud or errors could occur, and so on. Believe us, they will get better marks. Essay questions — how not to misunderstand them 1 List the various pieces of information which should be shown on a sales invoice.
You are to write a report to the managing director stating whether or not you agree with the bookkeeper. What is the better thing to do? This very often is due to two main reasons: a There is such a lot to do in such a short time. If students can attempt, say, at least two such papers and then have their attempts marked and criticised, they will normally learn a lot from the experience. Examination questions and marking schemes We had originally intended to put here some typical examination questions and their marking schemes.
However, after some considerable thought, we decided against doing so. There is no one precise mode of marking and any suggestions that we might make could perhaps create more arguments and consequent misunderstandings. However, the books sell world-wide and practices can vary.
Some examiners will award zero marks, even though the answers given by the student show good knowledge of the topic. Others including ourselves would be kinder than that. In cases of this type, only one set of marks should be lost. The one exception that may arise concerns multiple choice questions where wrong answers may be penalised as an incentive to prevent students guessing.
In this case, the examining body would make this information known well in advance of the examina- tion date. This is simply because examiners are human beings with human fail- ings, and work that can be easily marked makes them feel generous. Answer to Question 1. The day of the month is shown in brackets. Answer to Question 5. Leech, Tidy and Rock are creditors.
Purchases ledger: Credits in personal accounts should be obvious. Revenue b d e g. Answer to Question Revenue: of a ; all of b ; 2, of c ; 1, of d. Debenture interest similarly not applicable. Always provide for probable losses. Percentages using ageing schedule.
Flat sum. Allowance for doubtful debts: the amount of accounts receivable on a certain date which will probably turn out to be bad debts and have to be written off eventually. Values per balance sheet also overstated. An increase in value, without sale, does not represent realisation. For 9 months Note: Avoid very technical language as it is for a non-accountant.
Keep it fairly brief. That is that the asset must have cost the business something that can easily be measured in monetary terms.
Frank Wood's Business Accounting 1
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Frank Wood's Business Accounting 1 (v. 1), 10th Edition
Business Accounting Volume 1 is the world's best-selling textbook on bookkeeping and accounting. Now in its eleventh edition, it has become the standard introductory text for accounting students and professionals alike. Business Accounting Volume 1 is used on a wide variety of courses in accounting and business, both at secondary and tertiary level and for those studying for professional qualifications. Frank Wood , Alan Sangster. The accounting equation and the balance sheet. The double entry system for assets liabilities and capital. The effect of profit or loss on capital and the double entry system for expenses and revenues.
Frank Wood's Business Accounting Volume 1